ECONOMYNEXT – Ethiopia had been downgraded to ‘CCC’ from ‘B’ by Fitch Ratings after it applied for ‘Paris Club’ debt relief having printing money through central bank advances, despite relatively low government debt and a budget deficit of only 2.8 percent of gross domestic product. The “Common Framework for Debt Treatments (G20 CF) goes beyond […]
Charged Affairs | Since Ethiopian Prime Minister Abiy Ahmed assumed office in April 2018, experts have optimistically predicted the country’s emergence as a regional power. Factors such as a large population, rapid economic growth, and a reform-minded head of government seemed to support this proposition, until recent instability in federal relations threatened an upset to Ethiopia’s […]
NASDAQ | Ethiopia’s sovereign dollar bonds dropped nearly 2 cents after Fitch downgraded the country to CCC, citing the government’s plan to make use of the new G20 common framework to overhaul its debt burden. The country’s outstanding 2024 bond XS1151974877=TE dropped to as low as 92.06 cents in the dollar, according to Tradeweb data, […]
UN agencies have received approval from the Ethiopian Government for 25 international staff to provide humanitarian assistance inside the country’s conflict-torn Tigray region, the UN Spokesperson said on Monday. “This clearance is a first step towards ensuring that aid workers in Tigray can deliver and ramp up the response given the rapidly rising needs in […]
The African Report | Ethiopia’s plan to seek debt restructuring under a G20 common framework agreed in November triggered a sell-off in African debt at the end of January on fears of a contagion effect. The framework enables debtor countries to seek an IMF programme to strengthen their economies and renegotiate their debts with public […]
Bloomberg | EU envoy scheduled to meet Ethiopian premier on Tuesday. UN says international staff given approval to travel to Tigray The European Union accused Eritrean troops of fueling the months-long conflict in Ethiopia’s Tigray region and echoed a U.S. call for their withdrawal. The presence of Eritrean forces is “exacerbating ethnic violence” in Tigray, […]
EU Observer | The EU has urged Eritrea to withdraw troops from Ethiopia and for access to diplomats, aid workers, and journalists to war-torn regions. “The EU joins the United States’ call for the withdrawal of Eritrean troops from Ethiopia, which are fuelling the conflict in Tigray, reportedly committing atrocities, and exacerbating ethnic violence,” it […]
Fitch typically does not assign Outlooks or apply modifiers to sovereigns with a rating of ‘CCC’ or below. KEY RATING DRIVERS The downgrade reflects the government’s announcement that it is looking to make use of the G20 “Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative (DSSI)” (G20 CF), which although still an […]
One person was shot dead Tuesday when soldiers opened fire on an anti-government protest in the capital of Ethiopia’s conflict-hit northern Tigray region, a medical official said. The protest in the city of Mekele was timed to coincide with a visit by religious leaders from the national capital Addis Ababa, part of an effort by […]
UNITED NATIONS (AP) — U.N. agencies received approval from Ethiopia’s government Monday to send 25 more staff members to embattled Tigray, a region where the United Nations says hunger is growing and much of the area has been inaccessible to humanitarian workers. U.N. spokesman Stephane Dujarric called the clearance “a first step towards ensuring that […]